Location: Wyoming County, NY | Metro: Wyoming County, NY
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $248,518 | 0.56% | F |
U.S. Census Bureau data (2024)
The analysis of the Section 8 cap-rate scenario for ZIP code 14113 reveals some key insights for landlords and small-portfolio investors. To begin, let's annualize the two-bedroom Fair Market Rent (FMR) set at $1,130 for fiscal year 2026, based on metropolitan standards. Given the median home value of $230,624 in this area, the implied gross yield for a property rented under Section 8 guidelines would be approximately 5.77%. This calculation is derived by multiplying the monthly FMR by 12 months ($1,130 x 12 = $13,560), then dividing that figure by the median home value ($13,560 / $230,624).
However, it's important to note that the market rent for the area is listed as N/A, which means there isn't sufficient data to provide an accurate comparison to the Section 8 rate. In such cases, investors often look to nearby areas or similar housing markets to estimate a potential market rent. If we were to hypothetically assume a market rent that exceeds the Section 8 rate, the gross yield would likely be higher than 5.77%, potentially offering better returns for landlords.
The 4.5% renter density suggests that while a significant portion of the population owns homes, there is still a notable number of renters. However, without knowing the Days on Market (DOM) for rental properties, it's challenging to gauge how competitive the rental market is. A high DOM could indicate difficulty in renting out properties, whereas a low DOM might suggest strong demand. Given the N/A status for both market rent and DOM, the Section 8 scenario provides a clearer, albeit conservative, benchmark for potential returns.
In conclusion, the Section 8 scenario offers a concrete gross yield of 5.77%, making it a reliable option for landlords looking for stable income. While market rent could offer higher yields, the lack of specific data makes it less predictable. For small-portfolio investors, the Section 8 program can serve as a solid foundation, ensuring consistent cash flow despite the relatively lower gross yield compared to what might be achieved in a robust market environment.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.